Biz2Credit helps Shirley Carson for CRE Bridge Loan Program
To Shirley Carson of SRPC Properties, Real Estate ownership seemed like the most logical next step post-retirement. Carson had spent many years holding and selling property for the U.S. Air Force, and aspired to continue owning property full time after retiring. However, when she approached traditional lending sources to obtain financing for Miracle Apartments, her multi-unit apartment complex in Corpus Christi, Texas, she was subsequently denied.
"The banks and financial institutions that Shirley had approached prior to connecting with Biz2credit lacked experience in handling commercial loan requests of this size and complexity" says Biz2Credit Sales Manager and property acquisition expert, Shawn Cournoyer. "Miracle Apartments was a twenty-five unit acquisition with all of the issues that are characteristic of this property type. We work with this kind of deal every day and we know how to handle these challenges. The transaction was a perfect fit for our CRE bridge loan program."
Biz2Credit was able to assist Carson by funding on a bridge loan at 75% loan-to-value against the purchase price of the apartment complex, with a term that provisioned enough time for the processing of a permanent long-term financing solution. The transaction was completed within about 30 days, allowing Carson to take advantage of the buying opportunity.
"Shawn was with me every step of the way," says Carson. "Through his assistance, the turnaround time for this acquisition was much faster than I had initially anticipated."
Happy with her service, Carson says she would absolutely recommend Biz2Credit to anyone looking to get into Real Estate ownership.
"I am definitely a repeat customer," she says. "I plan on coming back to Biz2Credit when I purchase my next property."